FxWirePro: USD/ZAR edges higher but bearish outlook persists

•   USD/ZAR initially dipped but recovered ground   as investors digested South Africa's manufacturing   data and Federal Reserve Chair Jerome Powell comments .

•   Federal Reserve Chair Jerome Powell offered no fresh policy signals, leaving investors to rely on older data to shape sentiment.

•  Investors will also be watching comments from other Fed officials, including Board Governor Michael Barr and San Francisco Fed President Mary Daly.

•On the data front, South Africa's manufacturing output declined for the second straight month in August, data from Statistics South Africa showed on Thursday.

• Manufacturing in South Africa shrank for the second straight month in August, with output down 1.5% from a year earlier, after a 1.3% decline in July, Statistics South Africa reported.

• Immediate resistance is located at 17.213  (Daily high), any close above will push the pair towards 17.271(SMA 20).

• Strong support is seen at 17.077 (23.6%fib) and break below could take the pair towards 17.079(Lower BB)

Recommendation: Good to sell around 17.200 with stop loss of 17.400 and target price of 17.000